(Closed) Did anyone take a bank loan for their wedding?

posted 8 years ago in Money
Post # 3
Member
2006 posts
Buzzing bee

I’m not planning a wedding but I can tell you the majority of responses (which I agree with) on this post are going to read “DON’T GET A LOAN!”

Post # 4
Member
157 posts
Blushing bee
  • Wedding: September 2010

We took out a line of credit to help pay down some debt that my Fiance and I had accumulated prior to meeting each other but we did ask for a little bit more just to use as a buffer in case there are any last minute expenses.

Post # 5
Member
2054 posts
Buzzing bee
  • Wedding: March 2011

i would say dont get a loan…is there anyone like your parents are his parents that can help you with the cost? you can even pay them back later if need be…

Post # 6
Member
2821 posts
Sugar bee

Can you talk to any of the vendors about doing monthly payments?

Post # 7
Member
2271 posts
Buzzing bee
  • Wedding: August 2009

Luckily for us, we were able to stay under 5K. That being said, I agree that taking out a loan for a wedding is a porr way to start a marriage. Save the loans for other things, like buying a house.

Post # 8
Member
2476 posts
Buzzing bee
  • Wedding: June 2010

No I we didn’t, and wouldn’t.  We paid a lot of our vendors in increments, so thankfully we weren’t slammed in the end.  You can ask your vendors for a similar option, but don’t take out a loan and start your marriage in debt!

Post # 9
Member
202 posts
Helper bee
  • Wedding: May 2010

We were forced too. He was let go from his job and was unemployed for 4.5 months which ate up all of our savings and did not allow us to save anything. Sometimes you have to do what you have to do.

For us, we have been living together for 2 years, so it didn’t feel like starting your marriage in debt since we were practically married already!

Post # 10
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

I can never get on board with a loan for a wedding. You already need more than you expected to need and there’s always a good possibility your Fiance will have trouble paying it off.

As far as “drastic”, here’s an option. Could you pick up an evening job so someone is always home with your daughter to help pay it off fast?

5K-8K is not a small loan and will probably take at least a year or two to pay it off and if you don’t have the money NOW, what makes you think you’ll magically have it in the next couple years to dilligently pay it off?

Post # 11
Member
3219 posts
Sugar bee
  • Wedding: November 2010

I would never take out a loan to pay for the wedding. If my parents wernt paying for the wedding I would have pushed it back so we could save for it. I am very anti debt, why pay someone intrest if you dont need to?

Post # 12
Member
1020 posts
Bumble bee
  • Wedding: January 2011

we aren’t taking out a loan, but will have about $2000 to pay off on our credit card after the wedding. i am an excellent budgeter, and we are okay with this amount and figure it will be about 2-3 months to pay it off after the wedding..of course it would be awesome to get wedding gifts to cover most (or all) of this, but we aren’t counting on something we don’t have in our hands yet. i think if you HAVE to do it, make a plan to pay it off as soon as you can. don’t let ot stick around for 2-5 years. for us, most of this debt will be occuring because we don’t want to skimp on our honeymoon or wedding rings. plus, the only other debt we have is my student loans and my small car loan so honestly, we aren’t too worried about it.

Post # 13
Member
380 posts
Helper bee

I didn’t take out a loan… but I’m using the money I’m earning to pay for the wedding and not paying down my gigantic loans (school-related).  🙁

Post # 14
Member
1154 posts
Bumble bee

I would cut where possible, for example maybe not have a cake?  But a small loan… is not the end of the world if he has good steady income and your expenses are going to go down after the wedding.

Post # 15
Member
3871 posts
Honey bee
  • Wedding: November 1999

I considered getting a loan but ended up buying whatever I could way before the wedding, so it didn’t all come up the month before the wedding.  As for the big stuff, I actually borrowed about $5k from my brother and sister.  And turned around a paid them back with the money I got in gifts.  Oh and, both of our parents only chipped in $1k.  So we always knew that we would have to pay for the wedding ourselves.

Oh, I bought stuff off of ebay and craigslist and did a lot of DIY projects.

Also, we didn’t go on our honeymoon right away.  We went 4 months after the wedding.

 

Post # 16
Member
2090 posts
Buzzing bee
  • Wedding: August 2010

$8k is a pretty large personal loan (IMO). Is the estimated $8k what you would need to borrow after paying all that you can (what you have in savings now), or a total? Can you pay some now, so the total figure isn’t so large?

Before taking out a loan of that size, I would try to cut wherever you can, and if you can’t make cuts, I would try to bring more income in. What about things you could do at home, since you are a SAHM? Babysit some children a few days a week, offer to pet-sit/dog-walk or house-sit (you could bring your daughter with you).

If you have family in the area, maybe they could take your daughter for a few days a week, and you could get a part-time job, or even just a temp job. I know some areas hire house cleaners for even just a day or two a week (some are just for foreclosures).

Garage sale if that’s an option.

Can you cut your general (non wedding) budget in other areas and put the savings towards the wedding?

You have to do what you have to do, but I would try to borrow as little as possible personally. Good luck!

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